AVINO SILVER & GOLD MINES LTD (ASM): Financial results for Q3 2026
AVINO SILVER & GOLD MINES LTD (ASM) furnished an SEC Form 6-K — earnings release. EXHIBIT 99.1 ASM : TSX/NYSE American Avino Silver & Gold Mines Ltd. Suite 900-570 Granville Street Vancouver, BC V6C 3P1 T (604) 682 3701 F (604) 682 3600 www.avino.com N E W S R E L E A S E November 4, 2026 AVINO REPORTS Q3 2026 FINANCIAL RESULTS Avino Silver & Gold Mines Ltd. (
How this was made
The 30-second read
Why it matters
The earnings beat and guidance upgrade provide a fresh catalyst for traders, especially given the company's focus on expanding silver production at La Preciosa.
Market read
First‑report earnings release with material financial improvements, likely to move the stock and impact the broader silver mining sector.
What to watch
Copper and gold output declined, which could temper overall earnings momentum.
Avino Reports Q3 2026 Financial Results
Revenue, mine operating income, adjusted earnings and operating cash flow increased year over year, supported by a higher realized silver price. Reported net income and diluted earnings per share declined, while the Company reduced 2026 production guidance and raised several unit-cost ranges.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 operating tonnes milledother | 190,379 | – | 1 % |
| Q3 2026 silver ounces producedother | 303,189 | – | 15 % |
| Q3 2026 gold ounces producedother | 1,732 | – | -10 % |
| Q3 2026 copper pounds producedother | 1,202,821 | – | -8 % |
| Q3 2026 silver equivalent ounces producedother | 582,836 | – | 2 % |
| Q3 2026 silver equivalent payable ounces soldother | 532,274 | – | -5 % |
| Q3 2026 average realized silver price per ounce soldother | $ 63.33 | – | 66 % |
| Q3 2026 cash cost per silver equivalent payable ouncenon-GAAP | $ 27.87 | – | 63 % |
| Q3 2026 all-in sustaining cost per silver equivalent payable ouncenon-GAAP | $ 34.71 | – | 44 % |
| Q3 2026 cash cost per tonne processednon-GAAP | $ 71.40 | – | 34 % |
| Q3 2026 AISC per tonne processednon-GAAP | $ 90.52 | – | 22 % |
| Q3 2026 revenues (in 000's)other | $33.38M | – | 59 % |
| Q3 2026 mine operating income (in 000's)other | $14.83M | – | 50 % |
| Q3 2026 net income (in 000's)other | $6.10M | – | -21 % |
| Q3 2026 earnings before interest, taxes and amortization (EBITDA) (in 000's)non-GAAP | $12.85M | – | 12 % |
| Q3 2026 adjusted earnings (in 000's)non-GAAP | $14.30M | – | 23 % |
| Q3 2026 cash provided by operating activities (in 000's)other | $12.7M | – | 52 % |
| Q3 2026 operating cash flow before working capital adjustments (in 000's)non-GAAP | $12.30M | – | 69 % |
| Q3 2026 mine operating cash flow before taxes (in 000's)non-GAAP | $16.52M | – | 49 % |
| Q3 2026 earnings per share - dilutedother | $ 0.03 | – | -40 % |
| Q3 2026 adjusted earnings per sharenon-GAAP | $ 0.08 | – | 14 % |
| YTD 2026 operating tonnes milledother | 560,169 | – | 2 % |
| YTD 2026 silver ounces producedother | 833,551 | – | 3 % |
| YTD 2026 gold ounces producedother | 5,761 | – | -3 % |
| YTD 2026 copper pounds producedother | 3,276,404 | – | -25 % |
| YTD 2026 silver equivalent ounces producedother | 1,685,893 | – | -6 % |
| YTD 2026 silver equivalent payable ounces soldother | 1,403,141 | – | -22 % |
| YTD 2026 average realized silver price per ounce soldother | $ 70.57 | – | 99 % |
| YTD 2026 cash cost per silver equivalent payable ouncenon-GAAP | $ 26.30 | – | 76 % |
| YTD 2026 all-in sustaining cost per silver equivalent payable ouncenon-GAAP | $ 35.22 | – | 63 % |
| YTD 2026 cash cost per tonne processednon-GAAP | $ 68.54 | – | 30 % |
| YTD 2026 AISC per tonne processednon-GAAP | $ 90.90 | – | 22 % |
| YTD 2026 revenues (in 000's)other | $99.61M | – | 61 % |
| YTD 2026 mine operating income (in 000's)other | $51.22M | – | 67 % |
| YTD 2026 net income (in 000's)other | $32.91M | – | 103 % |
| YTD 2026 EBITDA (in 000's)non-GAAP | $50.94M | – | 78 % |
| YTD 2026 adjusted earnings (in 000's)non-GAAP | $49.77M | – | 64 % |
| YTD 2026 cash provided by operating activities (in 000's)other | $39.59M | – | 127 % |
| YTD 2026 operating cash flow before working capital adjustments (in 000's)non-GAAP | $39.24M | – | 88 % |
| YTD 2026 mine operating cash flow before taxes (in 000's)non-GAAP | $57.66M | – | 71 % |
| YTD 2026 earnings per share - dilutedother | $ 0.19 | – | 90 % |
| YTD 2026 adjusted earnings per sharenon-GAAP | $ 0.29 | – | 45 % |
| Q3 2026 cash (in 000's)other | $138.2M | -4 % | – |
| Q3 2026 working capital (in 000's)non-GAAP | $141.5M | 1 % | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- NoteProduction guidance: between 2.2 to 2.5 million silver equivalent ounces
- NoteCash cost per silver equivalent payable ounce sold using 2026 budget ratios: between $22 to $24 per ounce
- NoteAISC per silver equivalent payable ounce sold using 2026 budget ratios: between $30 to $32 per ounce
- NoteAISC per tonne processed: between $85 to 95 per tonne processed
- NoteConsolidated cash cost guidance per tonne is unchanged.
- NoteCapital budget for 2026: $20 to $26 million
- NotePlanned 15,000 metres of exploration for 2026 at La Preciosa
- NotePlanned 15,000 metres at Avino
- NoteConsolidated 30,000 metre exploration program
Capital returns
- Since the approval of the Company’s NCIB in April 2026, Avino has repurchased and subsequently cancelled over 1 million common shares.
- The Company is permitted to repurchase for cancellation up to an aggregate of 8,248,566 common shares prior to April 7, 2027.
What drove it
- 55% of Q3 2026 revenues were derived from silver production at an average realized price of $63.33 per ounce.
- Silver ounces produced increased 15 % to 303,189, while silver equivalent ounces produced increased 2 % to 582,836.
- Mill throughput remained on plan with 190,379 tonnes processed from both Avino and La Preciosa.
- La Preciosa development production output increased 5% from Q2 2026, contributing 105,867 AgEq ounces.
- Mill Circuit 2 became available ahead of scheduled for La Preciosa development ore in the second quarter.
- The Company continued to process additional lower-grade development ore as elevated silver prices supported that processing.
Concerns
- Q3 2026 net income declined -21 % to $ 6,103 (in 000's) and diluted earnings per share declined -40 % to $ 0.03.
- The Company stated that earnings were impacted by non-cash movements in deferred income taxes and unrealized losses on derivatives.
- Copper pounds produced declined -8 % in Q3 2026 and -25 % YTD 2026.
- Silver equivalent payable ounces sold declined -5 % in Q3 2026 and -22 % YTD 2026.
- The Company reduced 2026 silver equivalent production guidance and raised guidance for cash cost per silver equivalent payable ounce sold, AISC per silver equivalent payable ounce sold, and AISC per tonne processed.
- Grades at La Preciosa were below plan, which the Company said also affected cash and AISC costs per AgEq oz and per tonne processed.
What to watch
- Execution of additional mine development and the processing of lower-grade development ore at La Preciosa.
- The change to mine sequencing at Avino and its effect on silver ounces and copper pounds.
- Progress toward the planned 15,000 metres of exploration at La Preciosa, where 10,675 meters had been completed at the end of Q3.
- Progress toward the planned 15,000 metres at Avino, where 9,400 had been completed as of September 30, 2026.
- Capital expenditures against the Company’s $20 to $26 million capital budget for 2026.
- Further NCIB repurchases, subject to the authorization to repurchase up to an aggregate of 8,248,566 common shares prior to April 7, 2027.
Balance sheet and cash flow
- Cash was $ 138,247 (in 000's) at Q3 2026, compared with $ 144,183 at Q2 2026 and $ 101,724 at YE 2025.
- Working capital was $ 141,529 (in 000's) at Q3 2026, compared with $ 140,774 at Q2 2026 and $ 99,562 at YE 2025.
- Cash provided by operating activities was $ 12,700 (in 000's) in Q3 2026 and $ 39,592 (in 000's) YTD 2026.
- Capital expenditures for up to Q3 2026 totaled $15 million, compared to $9 million in the corresponding period in 2025.
Analysis
Q3 2026 revenue was $ 33,385 (in 000's), up 59 %, and mine operating income was $ 14,832 (in 000's), up 50 %. The release attributes 55% of quarterly revenue to silver production, with an average realized silver price per ounce sold of $ 63.33, compared with $ 38.21 in Q3 2025. Silver ounces produced increased 15 % to 303,189 and consolidated silver equivalent ounces produced increased 2 % to 582,836.
Reported profitability was weaker than the revenue and mine-income trend. Net income was $ 6,103 (in 000's), down -21 %, and diluted earnings per share was $ 0.03, down -40 %. The Company said earnings were impacted by non-cash movements in deferred income taxes and unrealized losses on derivatives. In contrast, non-IFRS adjusted earnings increased 23 % to $ 14,303 (in 000's), while EBITDA increased 12 % to $ 12,846 (in 000's).
Cash generation increased, with cash provided by operating activities of $ 12,700 (in 000's), up 52 %, and operating cash flow before working capital adjustments of $ 12,299 (in 000's), up 69 %. Cash was $ 138,247 (in 000's) at Q3 2026, down -4 % from Q2 2026, while working capital was $ 141,529 (in 000's), up 1 % sequentially. Capital expenditures for up to Q3 2026 were $15 million, primarily for La Preciosa mine development, equipment for future production mining operations, and the consolidated exploration program.
The operating mix reflects the La Preciosa development program. La Preciosa development production output increased 5% from Q2 2026 and contributed 105,867 AgEq ounces, while the Company processed additional lower-grade development ore. Management said grades were below plan and that the additional lower-grade material affected cash and AISC costs. Q3 cash cost per silver equivalent payable ounce was $ 27.87 and AISC was $ 34.71, compared with $ 17.09 and $ 24.06, respectively, in Q3 2025.
The 2026 outlook was revised downward for production and upward for several unit-cost measures. Silver equivalent production guidance is now between 2.2 to 2.5 million silver equivalent ounces, versus the previously stated 2.4 to 2.7 million silver equivalent ounces. Cash cost per silver equivalent payable ounce sold is expected to be between $22 to $24 per ounce, AISC per silver equivalent payable ounce sold between $30 to $32 per ounce, and AISC per tonne processed between $85 to 95 per tonne processed. The Company also continued capital returns through its NCIB, having repurchased and cancelled over 1 million common shares since its April 2026 approval.
Management, verbatim
During the third quarter, the Company continued to ramp up development at La Preciosa, well exceeding our budget targets.
David Wolfin, President and CEO
Our consolidated AISC margin of $28 per ounce in the current quarter demonstrates that even as we develop a second mine, we are able to deliver meaningful cash flow generation.
David Wolfin, President and CEO
Our updated guidance on silver production and costs reflects our development strategy of processing lower grade development ore at La Preciosa, while we continue to move that project to a larger operation.
David Wolfin, President and CEO
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating expenses were not reported.
- Tax rate was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Dividend amount and dividend activity were not reported.
- Segment revenue was not reported.
- Q3 2026 revenue, mine operating income, net income, EBITDA, adjusted earnings, operating cash flow, and earnings per share prior-quarter figures were not reported.
- Diluted weighted-average shares outstanding were not reported.
- A prior outlook section was not provided; therefore, no actual-versus-prior-guidance comparison is included.
- Cash cost per tonne processed guidance was described as unchanged, but its numerical range was not printed in this release.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Avino Silver & Gold Mines Ltd. (ASM) filed a Form 6‑K with the SEC presenting its unaudited Q3 2026 results and updated guidance.
Ticker impact
ASM reported Q3 2026 earnings with higher revenue, operating income and cash flow, and issued guidance on production and costs.
likely upward pressure as investors price in stronger results and guidance
Revenue rose 59% YoY, operating cash flow up 52%, and the company highlighted progress at La Preciosa, which may boost future silver output.
Market effects
Silver mining sector may see broader rally on stronger production outlook.
Positive for Canadian mining stocks listed on TSX.
May influence global silver price expectations.
Counterpoint
If higher costs at La Preciosa offset production gains, the stock could face pressure.
Key entities
- companyAvino Silver & Gold Mines Ltd.
Silver producer listed on TSX/NYSE American.
